Despite Declining Sales, This Is What Drove General Motors' Earnings Beat
Many investors went into General Motors' (NYSE: GM) second quarter with a fair amount of uncertainty about how the company would perform. Not only were the automaker's global sales down 6.1% compared to the prior year, but its profit engine, GM North America, was also a large part of that decline, with its sales down 4%.
On the flip side of those sales woes, GM posted record average transaction prices (ATPs), which I argued would power the company's second quarter above estimates -- and they did.
Let's cover some of the highlights from GM's latest quarter, and uncover exactly how much the improved pricing helped carry the automaker's results.
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